Virtual Reality In Gaming Industry
The global virtual reality (VR) in gaming market was valued at USD 20.73 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 22.7% from 2023 to 2030. VR has transformed the gaming experience by offering players the ability to immerse themselves in virtual worlds, creating a more interactive and engaging experience. The industry provides gamers with attractive virtual accessories that enhance user engagement and create a more immersive gaming environment. Continuous technological advancements, such as improvements in motion tracking, 3D effects, and interactive graphics, are expected to drive the growth of the industry by captivating players and keeping them invested in the VR experience. As consumer spending capacity increases, there is growing demand for innovative entertainment options, which is leading to greater participation in virtual reality gaming.
The virtual reality gaming industry is also expanding its professional appeal, fueled by ongoing innovations in VR technology. Awareness and adoption of advanced VR accessories, including headsets, bodysuits, and gloves, are growing rapidly among players. The commercial launch of VR headsets in 2016 revolutionized the gaming industry, triggering a surge in demand for VR games as users were eager to interact with 3D characters in immersive virtual environments. The VR devices used in the market are equipped with intelligent interactive hardware and software, further enhancing the entertainment experience for gamers by offering more realistic and engaging interactions.
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Component Insights
The hardware segment accounted for the largest revenue share at 63.7% in 2022, primarily due to the following factors:
- Continual upgrades and innovations in VR wearables and accessories, including essential components such as input devices, masks, gloves, headsets, and bodysuits. These upgrades enhance user experiences and fuel demand.
- Broad category of VR hardware, encompassing any physical device used for VR gaming, such as gaming platforms, storage media, accessories, and specialized gaming kits.
- Persistent demand for VR input devices, which are crucial for an interactive gaming experience in virtual environments.
- Some of the most popular VR input devices include Oculus Rift, PlayStation VR, HTC Vive, and Samsung Gear VR, which have gained significant traction and popularity among VR gaming enthusiasts.
The software segment is expected to grow at the fastest Compound Annual Growth Rate (CAGR) of 24.1% over the forecast period, driven by:
- The development of VR software that produces realistic virtual environments and effects, aiming to create immersive experiences that closely replicate reality.
- Modest but steady growth in the software segment, which is anticipated to expand in parallel with the advancements in hardware, although the latter may witness more rapid growth in revenue.
- A key challenge within the software industry is to design and develop games and software that not only captivate users but also offer highly engaging and appealing experiences, enhancing the overall attraction of VR gaming.
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